Induction Motor Market Trends Forecast By 2023

​The global induction motor market is driven by technological advancement. This trend is projected to offer significant growth opportunities to companies that are operating in the global induction motor . One of the new technologies that are gaining traction in the global induction motor market is called copper rotor induction motor. This motor serves as a strong alternative to the permanent magnet motor used in electric vehicles.

The research report offers a detailed analysis of the technologies available in the global induction motor as well as the upcoming ones. Furthermore, the major technological milestones are also mentioned in the study. Broadly, the global induction motor is segmented on the basis of type, product, application, end use, and geography.

A detailed analysis of the key segments of the global induction motor market has been covered in the study. Each segment’s historical data and forecast values are presented along with the trends shaping the growth of these key segment. After reading the report, businesses and professionals in the global induction motor market will gain the latest insights into induction motor products and technologies.

Overview of the Global Induction Motor

The global induction motor market is driven by the elevated need for power savings in households, manufacturing hubs, and energy infrastructure. Induction motors are also known as asynchronous motors. These motors are used because they are reliable, carry smaller loads, and reduce aftersales service and cost. Importantly, they can help save a substantial amount of energy. Induction motors are used widely in applications such as compressor load applications, fans, and others.

Get accurate market forecast and analysis on the Induction Motor Market. Request a sample to stay abreast on the key trends impacting this market :

Another trend driving the global induction motor market is the rising focus on reducing greenhouse gas emissions. This is revving up the use of induction motors in every sector, driving the demand for induction motors substantially. The global induction motor market will also benefit from the rising government funding, which is encouraging manufacturers to invest in induction motor manufacturing.

By product, the global induction motor is segmented into synchronous motors, direct current (DC) motors, asynchronous motors, and others. According to type, the global induction motor market is classified into IE1, IE2, IE3, and IE4. On the basis of application, the global induction motor is divided into HVAC, fans, pumps, compressed air, material processing, material handling, and others. According to end use, the market is segregated into residential, industrial, commercial building, agricultural sector, transportation, and others.

Regionally, the global induction motor is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America and Europe constitute the largest markets for induction motors in terms of consumption, production, and exports. On the other hand, emerging economies such as Korea, Brazil, India, China, Thailand, and South Africa are presenting massive opportunities for global manufacturers.

Although the aforesaid trends will drive the global induction motor , it will be suppressed by cost issues. The installation cost of induction motors is quite high, which is restraining the global induction motor . Moreover, many manufacturers in the global induction motor are not able to get the required resources to start manufacturing these motors, challenging the market further.